Shares of BioVie (NASDAQ: BIVI) soared by 28.5% in pre-market trading on Wednesday following encouraging results from the clinical-stage company’s Phase 2 clinical trial of NE3107 for the treatment of Alzheimer’s Disease (AD).
BioVie develops innovative drugs for the treatment of neurological and neurodegenerative disorders and advanced liver disease.
This clinical trial was run by Dr. Sheldon Jordan, an adjunct Clinical Associate Professor of Neurology at UCLA. The open-label trial involved 23 patients who were dosed with 20 mg of NE3107 twice daily for three months.
The data from this trial indicated that a vast majority of patients saw a marked improvement in the “Global Rating of Change (overall impression of patient’s daily abilities),” cognitive abilities, and biomarkers of inflammation.
BioVie will present the final data at the Clinical Trial in Alzheimer’s Disease (CTAD) annual conference to be held in San Francisco later this year. BIVI expects full enrollment for the pivotal Phase 3 trial for NE3107 by the end of this year and topline data by the middle of next year.
Is BioVie Stock a Buy?
Only two analysts have covered the stock in the past three months with a Moderate Buy consensus rating.
BIVI’s average price prediction of $9.50 implies a 176.2% upside potential.
